A supplier is willing to sell a good in the market it

A-marginal cost is larger than the price

B- marginal cost is larger than marginal revenue

C- marginal cost is no larger than marginal revenue

D- markets are not centrally controlled

"When the government sets a maximum rental price that equilibrium price, that represents an example of a __ and results in a __

A- price floor; shortage of rental housing

B- price ceiling: discrimination

C-price floor: unemployment

D- price ceiling: surplus of rental housing

Payments by the government for which receives no current goods or services in return are called?

A- public bonds

B- private savings

C-transfer payments

D- public stocks

*For a given good, while keeping everything else constant, the law of demand implies that

A-,"as the demand for the good increases, the price of the good will fall*

B- ' as the price of the good rises, the quantity demanded of the good will increase

C- ' as income rises, the quantity demanded of the good will increase if the good is a normal good

D- once the price of the good in question increases, the quantity demanded of that good decreases

Sunk costs can be defined as

A- controllable costs

B- NOT relevant for decision making

C- costs to be incurred in the future

D- paid after the fact